Why Japan is an unexpected threat to financial stability

Financial Times/John Plender/8-8-2018

“To American or British investors, a yield on 10-year Treasuries of just under three per cent looks pretty threadbare by historical standards. However, to yield-starved investors in Frankfurt or Tokyo, it looks more of a gift horse. Minimal or zero yields on Japanese government bonds have caused a huge exodus of capital into US Treasuries. You can see it most graphically in the latest annual report of Japan Post Bank, the biggest deposit taker in the world.”

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